Nvidia is starting to finance the people buying its chips

One thing about this Nvidia deal feels a little strange.

Nvidia could backstop up to $125B of financing for AI infrastructure. So it’s not just selling the GPUs anymore, it may also help make sure customers have the capital to keep buying them.

That doesn’t mean the demand isn’t real, but the supplier/customer relationship starts looking a lot more complicated when the supplier is helping finance the buildout too.